RESEARCH & LEARN

Fees Included with Reverse Mortgage Closing Costs


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TERMINOLOGY

Reverse mortgage closing cost fees are similar to the fees you would pay upon purchasing or refinancing a home.

What are the Costs?

Here is a list of potential closing cost fees for a reverse mortgage and an explanation of each:

  • Recording fee covers the filing of your mortgage lien with your local County Recorder’s Office and usually costs around $50 to $100.

  • Title insurance fee covers the insurance that protects the lender or the buyer against losses that are a result of a dispute concerning property ownership. It can vary by loan size, but the higher the loan the higher the cost.

  • Credit report fee verifies federal tax liens or judgments against the borrower; usually costs under $20.

  • Escrow, closing or settlement fee covers a title search and costs anywhere between $150 and $450.

  • Flood certification fee determines the property’s location in a potential flood plane and usually costs under $20.

  • Courier fee covers overnight mail documents between lender, loan investor, or title company; usually costs under $50.

  • Document preparation fee covers the cost of the final closing documents; usually costs $75 to $150.

  • Survey fee determines property lines and ensures the property is not infringed upon by an adjoining property. This usually costs under $250.